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.f ,to - l~~... ~ t' BND/parkplace2 RESOLUTION NO. 85-132 A RESOLUTION ADOPTING A PROGRAM AND GIVING PRELIMINARY APPROVAL TO A PROJECT AND ITS FINANCING, UNDER MINNESOTA STATUTES, CHAPTER 462C AND AUTHORIZING SUBMISSION OF THE PROGRAM TO THE MINNESOTA HOUSING FINANCE AGENCY FOR REVIEW WHEREAS, the City of New Brighton, Minnesota (the "City") is authorized, pursuant to Minnesota Statutes, Chap- ter 462C (the "Housing Act") to develop and administer mul tifamily housing programs pursuant to a Housing Plan, which may be financed by the issuance of revenue bonds of the City; and WHEREAS, the Ci ty has adopted the Ci ty of New Br igh ton Housing Plan (the "Housing Plan") pursuant to and in confor- mance with the provisions of the Housing Act and has held a public hearing thereon, after at least 30 days I published notice thereof, and after review and comment by the Metro- politan Council thereon; and WHEREAS, the City Council (the "Council") has determined that it is in the best interests of the City and in further- ance of the Ci ty' s goals established in the Housing Plan that the City approve and adopt a multifamily housing reve- nue bond program entitled "Program for Construction of a Multifamily Housing Development for the Elderly - Park Place Associates Project" (the "Program"); and WHEREAS, under the Program, the City will issue its revenue bonds, in an amount of up to $4,500,000, to finance the acquisition, construction and installation of an approx- imately Seventy-two (72) unit multifamily rental housing development for the elderly (the "Project") together wi th issuance costs, to be located on 2 1/2 acres on the north side of Rice Creek Drive, approximately 750 west of Silver Lake Road in the City, by Park Place Associates, a Minnesota corporation or partnership to be formed, by Nasim Qureshi, an individual and the Housing Alliance, a Minnesota corporation (the "Developer"); and WHEREAS, the Project will be reserved for rental in part by persons of low and moderate income, with at least 20 percent of the units held open for occupancy by families or individuals with adjusted gross income not in excess of 80 percent of the median family income estimated by the United States Department of Housing and Urban Development for the MinneapoliS/St. Paul Standard Metropolitan Statistical Area; and